Cloud Security Market to Expand at 12.80% CAGR 2014-2022, Propelled by Rapid Growth of IT and Telecommunications Sector

Transparency Market Research, in a report titled “Cloud Security Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022,” states that expanding at a strong CAGR of 12.80% from 2014 to 2022, the value of the global cloud security market is projected to increase from US$4.5 bn in 2014 to US$11.8 bn by 2022.

The global cloud security market is driven by the rising demand for cloud computing by small and medium-sized businesses, the ease and flexibility in managing cloud security solutions, the proliferation of handheld devices, and the ongoing trend of choose your own device (CYOD) and bring your own device (BYOD). However, the lack of awareness and skepticism of enterprises towards the adoption of cloud services are anticipated to impede the cloud security market. Trends such as the rising businesses of cloud security service providers via inorganic growth and the increasing demand for integrated security suites present lucrative opportunities for players competing in this space.

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The cloud security market has been studied on four fronts: deployment type, service type, end-use industry, and geography.

By deployment type, the cloud security market is segmented into private cloud, public cloud, and hybrid cloud. Of these, hybrid cloud security held the biggest share in 2014, driven primarily by its flexibility in storing data.

By service type, the cloud security market is divided into email and web security, cloud database security, virtualization security, data loss prevention, cloud IAM, network security, and others. In 2014, data loss prevention held the largest share in 2014. This service monitors instant messages, emails, web pages viewed, documents accessed, and keywords typed by the employees, thereby protecting all forms of data and preventing the loss of vital information.

By end-use industry, the cloud security market is categorized into government and public utilities, hospitality and retail, BFSI (banking, financial services, and insurance), IT and telecommunication, healthcare and pharmaceuticals, and others. The IT and telecommunications sector dominated the overall cloud security market in 2014 owing to the surge in the outsourcing of IT services and the rising adoption of Android-based smartphones.

By geography, the global cloud security market covers Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. In 2014, North America dominated the worldwide cloud security market, propelled by the high adoption rate of cloud security services in various enterprises. The Asia Pacific market is anticipated to expand at a rapid pace in the coming years, fueled by the rising trend of CYOD and BYOD policies.

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Panda Security SL, Cisco Systems, Inc., IBM Corporation, Fortinet, Inc., Intel Security Group (McAfee, Inc.), Symantec Corporation, Trustwave Holdings, Inc., CA Technologies, Inc., Sophos Ltd., and Trend Micro, Inc. are some of the leading companies competing in the cloud security market. These players are reviewed in the report based on aspects such as company and financial overview, recent developments, and business strategies.

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